Riyadh: Minister of Economy and Planning Faisal Alibrahim affirmed that the Kingdom of Saudi Arabia’s efforts in international forums and its role as an effective partner in the G20 have contributed to developing policies and programs that help enhance global economic stability and reduce development gaps between countries.
According to Saudi Press Agency, Alibrahim, speaking on the occasion of the G20 Leaders’ Summit held on November 18-19, emphasized that the G20 countries share development visions and aspirations, with member states striving to increase international cooperation and build strategic partnerships to achieve sustainable development goals at both regional and international levels. The group aims to leverage member countries’ expertise across various fields to set the agenda of the G20 Leaders’ Summit annually, addressing global challenges with innovative solutions to enhance societal well-being.
Alibrahim noted that during the Brazilian presidency in 2024, the Development Working Group focu
sed on addressing prominent global challenges faced by developing countries, such as reducing gender inequality and ensuring access to water and basic services. The Kingdom has been proactive in presenting a balanced approach to support developing countries in advancing their economic and social capabilities and achieving equal opportunities.
Empowering women remains a key achievement for Saudi Arabia, Alibrahim highlighted, with concerted efforts to create a supportive environment through regulatory reforms and innovative programs. Labor market statistics demonstrate a 34.6% increase in women’s workforce participation by the end of 2023, and women accounted for 42.3% of middle management roles in the same year.
The Kingdom remains committed to activating the G20 dialogue on water issues, initiated during its G20 Presidency in 2020, by supporting environmental initiatives and leveraging technology, research, and innovation in the water sector. The Global Water Organization initiative, launched by Crown Prin
ce Mohammed bin Salman, exemplifies these efforts.
Alibrahim praised the Brazilian presidency’s comprehensive proposal, which emphasized the need for evidence-based policies and innovative financial solutions. Saudi Arabia has implemented structural reforms positively impacting fiscal and monetary policies, social support, subsidy programs, and investment strategies, including investing in BRF, a Brazilian food company focused on environmental and social development.
Saudi Arabia’s partnership with the World Economic Forum’s open innovation platform, Uplink, underscores its commitment to environmental regulations, promoting environmentally friendly practices, and investing in innovative technologies to address sustainable development challenges.
Minister Alibrahim reiterated that the Kingdom is determined and confident in its journey toward building a prosperous and sustainable economy capable of facing global challenges and achieving sustainable development through cooperation with international partners.
